Tenaris beats by $0.25, beats on revs, names new CFO (38.89 -0.50)
- Reports Q4 (Dec) earnings of $0.94 per ADS, excluding non-recurring items, $0.25 better than the FactSet Consensus of $0.69; revenues fell 16.7% year/year to $2.85 bln.
- Co names Carlos Gomez Alzaga as CFO, replacing Ms. Alicia Mondolo, who will retire from this role. Mr. Gomez Alzaga, who has more than 20 years of experience in Administration and Finance at Tenaris, previously served as Regional CFO for Mexico and Central America, and Economic and Financial Planning Director, among other positions, and currently holds the position of Regional CFO for Argentina and South America.
- Market Background and Outlook: Oil prices remain relatively stable (as they have done over the past two years) with OPEC+ maintaining their voluntary production cuts in the face of limited global demand growth. European and US natural gas prices have, however, risen as relatively cold winter weather and the cutoff of Russian supply have led to a rapid drawdown in inventories. These prices and the continuing balance between oil and gas demand and supply should continue to support overall investment in oil and gas drilling activity, as well as OCTG demand, at current levels, albeit with some regional nuances.